Overview
AT&T INC.
Latest 10-K: FY2025, filed Feb 9, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $125.65B
- 2.7%YoYup from FY2024
- TotalRevenue
- Gross profit
- Not reported
- Operating income
- $24.16B
- 26.8%YoYup from FY2024
- OperatingIncome
- Net income
- $21.95B
- 100.5%YoYup from FY2024
- NetIncome
- Diluted EPS
- $3.04
- 104.0%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 7.18B
- 0.3%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- AT&T INC. reported revenue of $125.65B for fiscal 2025, up 2.7% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 0 of the last 5 fiscal years.
Profitability
- Operating margin was 19.2% and net margin was 17.5%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $3.04, up 104.0% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $125.65B2.7%up Benchmark median 6.4% | $122.34B0.1%down Benchmark median 4.5% | $122.43B1.4%up Benchmark median 4.8% | $120.74B9.9%down Benchmark median 10.3% | $134.04B6.3%down Benchmark median 13.8% | -1.6% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | — | — | — | — | — | — Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $24.16B26.8%up Benchmark median 7.3% | $19.05B18.8%down Benchmark median 7.4% | $23.46Bn/m Benchmark median 4.9% | negative: -$4.59B117.7%down Benchmark median 7.5% | $25.90B209.3%up Benchmark median 23.5% | -1.7% Benchmark median 7.2% |
| Net Income | $21.95B100.5%up Benchmark median 4.8% | $10.95B24.0%down Benchmark median 5.7% | $14.40Bn/m Benchmark median 1.9% | negative: -$8.52B142.4%down Benchmark median 1.3% | $20.08Bn/m Benchmark median 33.9% | 2.3% Benchmark median 4.1% |
| EPS (Diluted) | $3.04104.0%up Benchmark median 6.2% | $1.4924.4%down Benchmark median 7.9% | $1.97n/m Benchmark median 1.9% | negative: -$1.13141.4%down Benchmark median 1.5% | $2.73n/m Benchmark median 34.8% | 2.7% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $420.20B6.4%up Benchmark median 5.6% | $394.80B3.0%down Benchmark median 3.4% | $407.06B1.0%up Benchmark median 4.1% | $402.85B27.0%down Benchmark median 2.2% | $551.62B4.9%up Benchmark median 6.7% | -6.6% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | — | — | — | — | — | — Benchmark median 4.4% |
| Stockholders' Equity | $126.49B7.0%up Benchmark median 6.8% | $118.25B0.7%up Benchmark median 5.4% | $117.44B10.3%up Benchmark median 7.3% | $106.46B42.1%down Benchmark median 2.5% | $183.85B2.6%up Benchmark median 9.0% | -8.9% Benchmark median 6.1% |
| Cash & Equivalents | $18.23B452.9%up Benchmark median 5.2% | $3.30B50.9%down Benchmark median 1.9% | $6.72B81.6%up Benchmark median 6.7% | $3.70B80.7%down Benchmark median -8.6% | $19.22B142.6%up Benchmark median -2.9% | -1.3% Benchmark median 2.0% |
| Total Debt | $136.10B10.2%up Benchmark median 2.1% | $123.53B8.7%down Benchmark median 0.2% | $135.24B0.2%up Benchmark median 0.3% | $135.02B20.1%down Benchmark median 0.1% | $169.04B7.5%up Benchmark median -0.1% | -5.3% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $40.28B3.9%up Benchmark median 6.3% | $38.77B1.2%up Benchmark median 4.8% | $38.31B7.0%up Benchmark median 9.9% | $35.81B14.6%down Benchmark median -0.7% | $41.96B2.7%down Benchmark median 10.7% | -1.0% Benchmark median 7.0% |
| Capital Expenditures | $20.84B2.9%up Benchmark median 5.4% | $20.26B13.5%up Benchmark median 2.8% | $17.85B9.0%down Benchmark median 11.3% | $19.63B26.3%up Benchmark median 14.0% | $15.54B5.8%up Benchmark median 8.1% | 7.6% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $19.44B5.0%up Benchmark median 7.3% | $18.51B9.5%down Benchmark median 6.1% | $20.46B26.4%up Benchmark median 8.8% | $16.19B38.7%down Benchmark median -11.3% | $26.41B7.1%down Benchmark median 10.2% | -7.4% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
12.2%
Wall Street
on net earnings
FY2024 6.5%
10.9%
Value investor
on free cash flow
FY2024 11.3%
Gap −1.3 pts: Value-investor figure 1.3 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 8.2×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
15.2%
Wall Street
on EBITDA
FY2024 13.9%
8.2%
Value investor
on EBIT
FY2024 6.7%
Gap −7.0 pts: Value-investor figure 7.0 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 6.6×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
70.9%
Wall Street
on book equity
FY2024 72.1%
35.4%
Value investor
on tangible book
FY2024 33.4%
Gap −35.5 pts: Value-investor figure 35.5 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 1.4×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
17.9%
Wall Street
ROE: net income ÷ equity
FY2024 9.3%
5.9%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 4.0%
Gap −12.0 pts: Value-investor figure 12.0 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
35.9%
Wall Street
EBITDA margin
FY2024 32.4%
15.5%
Value investor
Free-cash-flow margin
FY2024 15.1%
Gap −20.4 pts: Value-investor figure 20.4 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.91×
Wall Street
Current ratio
FY2024 0.66×
0.91×
Value investor
Quick ratio, inventory excluded
FY2024 0.66×
Gap Same: Both views read the same
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.33×
Wall Street
EBITDA ÷ total debt
FY2024 0.32×
0.14×
Value investor
FCF ÷ total debt
FY2024 0.15×
Gap −0.19×: Value-investor figure 0.19 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 2.62×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
6.6×
Wall Street
EBITDA ÷ interest
FY2024 5.9×
3.6×
Value investor
EBIT ÷ interest
FY2024 2.8×
Gap −3.0×: Value-investor figure 3.0 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on T yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on T and publish the result to your public profile.
Cite this page
Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/T
Valuein. (2026, October 30). AT&T INC. (T) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/T
@misc{valuein_t_2026,
author = {{Valuein}},
title = {AT\&T INC. (T) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/T}},
note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}10-K filed Feb 9, 2026 · accession 0000732717-26-000120
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point-in-time · survivorship-free · every number traceable to its SEC filing
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